"
pudding if you don't eat yer meat?"
"you! yes, you behind the bikesheds, stand still laddy!"
Yet another reference to "The Wall" movie (because this song was made for it, obviously).
This can refer to the part where the children, who are part of an oppresive school system, are thrown into a meat grinder. The movie itself is surrealistic and violent, the words "meat" and "pudding" can come along with one another according to this fictional situation at the movie.